The AUDUSD currency pair has been trading within a defined range between 0.6594 and 0.6720 in recent sessions. Despite several attempts, the pair failed to break above the resistance level at 0.6720, suggesting a potential downside move towards the support level at 0.6594 in the coming days.
Traders are closely monitoring the price action around these key levels as a breakout could provide valuable insights into the pair’s next directional move. A decisive break above the 0.6720 resistance level would indicate a potential upside breakout, opening the door for further gains towards the next resistance levels at 0.6805 and 0.6899.
Conversely, a breakdown below the 0.6594 support level would signal a bearish move and could lead to a further decline towards the next support level at 0.6560. Traders will be keenly observing price behavior near these support and resistance levels to gauge the strength of the market sentiment.
In summary, AUDUSD has been consolidating within a range between 0.6594 and 0.6720. A breakout above the 0.6720 resistance level could trigger further upside momentum, while a breakdown below the 0.6594 support level may lead to additional downside pressure. Traders should closely monitor price action and stay informed about market drivers to identify potential breakout opportunities and effectively manage risk.
